Bullish on Barrick
Yeah so, my purchases of GOLD in the past few years haven't tracked the gold price very closely. As leverage on physical gold it hasn't been such a good pick.
However, I am seeing some signs of a change in price-action. Daily RSI is showing higher lows, while price is testing everyone's patience :) making lower lows. Normally hints at a change in direction is coming up. If we get a lower low in price, but the RSI level fails to dip below the 30 level, see that as confirmation. May or may not get it.
On the fundamental side;
- Physical gold is way up and predicted by analysts to hit USD3000/Oz in 2025 - pretty bullish.
- GOLD's cost of production have increased significantly in the past few years, I hope they have or get a handle on that. But the present all-in cost is about (USD1320 - 1420/Oz) 1/2 of the current gold price level, leaving a decent profit margin.
- Annual report due in Feb 2025, quarterly performance shows steady quarter-on-quarter growth and consistent profitability.
- Earnings forecast for Q4 is about 50% above Q3 which should make 2024 a strong one.
- Seem to be well placed coming into 2025.
Will probably add more exposure to GOLD in the next month.
If $15.45 doesn't hold. Targeting $13.75 and $12.20 based on support. Happy if it goes down, happy if it goes up.
However, I am seeing some signs of a change in price-action. Daily RSI is showing higher lows, while price is testing everyone's patience :) making lower lows. Normally hints at a change in direction is coming up. If we get a lower low in price, but the RSI level fails to dip below the 30 level, see that as confirmation. May or may not get it.
On the fundamental side;
- Physical gold is way up and predicted by analysts to hit USD3000/Oz in 2025 - pretty bullish.
- GOLD's cost of production have increased significantly in the past few years, I hope they have or get a handle on that. But the present all-in cost is about (USD1320 - 1420/Oz) 1/2 of the current gold price level, leaving a decent profit margin.
- Annual report due in Feb 2025, quarterly performance shows steady quarter-on-quarter growth and consistent profitability.
- Earnings forecast for Q4 is about 50% above Q3 which should make 2024 a strong one.
- Seem to be well placed coming into 2025.
Will probably add more exposure to GOLD in the next month.
If $15.45 doesn't hold. Targeting $13.75 and $12.20 based on support. Happy if it goes down, happy if it goes up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.